Cheap gas Phoenix

How cheap gas is fueling the Arizona economy
February 14, 2017 – 05:25 am

The lower-income ZIP codes spend more of their income on fuel than higher-income areas.

JPMorgan Chase Institute

Two years ago, the talk was how gas prices were eating up budgets, but with more than a $1 per gallon slide since, Phoenix-area drivers are now eating up those savings.

A study from the JPMorgan Chase Institute found that drivers in greater Phoenix have been scarfing up those fuel savings in the form of dining out and stocking up at the local grocery store.

With the sharp decline of gas prices over the past year, Valley drivers are budgeting more money in eating and drinking out, as well as groceries, both of which saw an 18 percent and 10 percent gain in cut of a family's budget, respectively.

Phoenix-area drivers saved more than $30 a month on fuel during last winter when compared to peak gas prices in the period of December 2012 to February 2013. During that time period, Arizona ranked No. 7 in the nation for amount of a household's budget spent on fuel. Arizona families spent $129 a month on average, or about 2.3 percent of income, during the peak price period.

In the December 2014-February 2015 period, that dropped to 1.7 percent of income, or about $92 per month on average. With incomes rising slightly and gas prices dropping sharply, Chase Institute said it put a little more money in Phoenix-area pockets.

Chase also broke down spending as a percentage of income by ZIP codes in metro Phoenix (Maricopa and Pinal counties). The data show that the areas with the lowest median incomes spent the greatest proportion of income on fuel during the high price period in winter 2013.

The higher the median income (see accompanying map), the lower the portion of monthly income is spent on fuel.

Fuel spending as a percent of income

Source: www.bizjournals.com
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Popular Q&A
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Where is cheap gas near phoenix arizona?

ChaCha Wow, Phoenix sure is cheap! Cheap gas as low as $1.67 can be fuond at Costco (10000 W McDowell Rd & 99th Ave). 4 gas

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